This is its biggest rise in four months, although it disappoints market expectations, which were expecting a 3.5% increase.

The figure resulted from year-on-year increases, based on original figures, in construction (+10.4%), manufacturing (+2.3%), and the generation, transmission, and distribution of electricity and the supply of water and gas (+2.3%). In contrast, mining fell by 0.9% compared to the same month in 2023.

Meanwhile, the monthly industrial production indicator fell by 0.1%, after rising 0.2% the previous month. This result is below the forecast of a 0.3% increase.

This is due to monthly declines in construction (2.5%) and mining (0.8%), offset by advances in manufacturing (0.5%) and electricity generation and water and gas supply (0.7%).

Thus, in the first two months of 2024, Mexico's industrial production grew by 3% year-on-year. This is due to accumulated increases in construction (13.5%), electricity generation and water and gas supply (1.2%), and manufacturing (1.2%). Only mining showed a contraction of 1.2%.

“The decline was driven by construction (-3.9%), facing a challenging base and some mixed trends between the residential and non-residential components,” experts said.

“On a more positive note, civil engineering grew by 2.8%, marking five consecutive months of growth. We believe that the government's efforts to complete key projects could explain this acceleration,” they added.

Industrial production in Mexico increased by 3.5% annually in 2023, particularly due to construction.